A one-pound silver bar is at Gold Investments Ltd. gold dealers in London, UK, on Wednesday, July 29, 2020.
Chris Ratcliffe | Bloomberg | Getty Images
Silver prices fell more than 2% on Tuesday, with investors posting profits after rising 11.2% to a peak of almost eight years in the previous session.
Foundations
Spot silver fell 1.7% to $ 28.48 an ounce at 00:39 GMT, reaching $ 30.03 on Monday, its highest value since February 2013.
Silver prices have soared as retail investors, spurred on by messages on Reddit, pile up the market in an attempt to push prices up.
The U.S. Commodity Futures Trading Commission (CFTC) is “closely monitoring” recent activity in the silver markets, the agency’s acting chairman said on Monday when last week’s volatility in the bond markets escalated. spread to the precious metal negotiations.
CME Group Inc on Monday increased margins on the Comex 5000 Silver Futures by 17.9% to $ 16,500 per $ 14,000 contract in February.
The silver retail investment frenzy has prompted US dealers in Singapore to fight for bars and coins to meet demand.
Spot gold fell 0.2% to $ 1,856.86 an ounce. Gold futures contracts in the US fell 0.3% to $ 1,858.60.
Leading Democrats in the US Senate and House of Representatives filed a joint $ 1.9 trillion budgetary measure on Monday, in a step to circumvent Republicans in easing COVID-19 before President Joe Biden stepped down. meet with republican senators.
India cut import tariffs on gold and silver on Monday, in a surprise move that industry officials say can boost retail demand and reduce smuggling.
Gold consumption in China fell by almost a fifth in 2020, the China Gold Association said on Monday.
Platinum fell 1.4% to $ 1,111.80 and palladium fell 0.3% to $ 2,239.03.